Do Kwon Breaks Silence: ‘Terra-Luna…Was Essentially My Life’

The Terraform Labs CEO gives first interview to Coinage, discusses Terra failure

article-image

Do Kwon interviewed; Source: Coinage

share
  • “I’ve never thought about what could happen to me if this fails,” Kwon said
  • “I, and I alone, am responsible,” he said

The founder of Terra, Do Kwon, has kept largely out of the spotlight since his flagship project collapsed in May. But in a new interview with Zack Guzman for Coinage, the Terraform Labs CEO reflects on his current predicament.

Kwon justified his confidence, which he now admits “seems super irrational,” on the market success of his Terra ecosystem as it was “inching close to $100 billion.”

“I’ve never thought about what could happen to me if this fails,” Kwon said.

The Terra creator said there was likely an insider at Terraform Labs who took advantage of information on the protocol’s vulnerabilities to profit — although he does not name anyone — but added, “I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit.”

‘Down infinite’

While the paper billionaire cannot quantify his losses, Kwon described being “down infinite.”

“There are probably not too many people that are alive with this type of experience, but it’s like, over the past five years, I just lived and breathed Terra,” he said.

He said that Terra was not a Ponzi scheme, as the earliest investors were among the hardest hit by the crash. Kwon faces allegations of fraud in South Korea, among other potential legal jeopardy.

“So what we’re going to do is we’re just going to put out the the facts as we know them. We’re going to be totally honest and deal with whatever consequences as they may be,” he told Guzman.

Kwon, who moved to Singapore prior to the Terra crash, said he did so out of fear for the safety of his wife and child.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The startup says it aims to rival Stripe and Worldpay by using stablecoins to speed merchant settlements from days to seconds

by Blockworks /
article-image

“S&P 500” for crypto comes as segment gains “established role in global markets,” S&P exec says

article-image

The S&P Digital Markets 50 Index combines 15 cryptocurrencies with 35 crypto-linked companies, offering investors hybrid exposure

by Blockworks /
article-image

Gnosis is betting that openness — not ownership — will define the future of onchain money

article-image

Crypto’s quest to imbue shareholder protections for tokens

article-image

Grass previously raised a seed and Series A rounds and plans to utilize the token purchase to execute on its roadmap